Welcome to our dedicated page for SPI Energy Co., Ltd. Ordinary Shares news (Ticker: SPI), a resource for investors and traders seeking the latest updates and insights on SPI Energy Co., Ltd. Ordinary Shares stock.
SPI Energy Co., Ltd. (NASDAQ:SPI) is a dynamic and globally recognized renewable energy company. Founded in 2006 in Roseville, California, and headquartered in McClellan Park, California, SPI Energy specializes in providing comprehensive solar, storage, and electric vehicle (EV) solutions. The company's operations span across North America, Australia, Asia, and Europe, making it a significant player in the renewable energy sector.
SPI Energy operates through three core divisions: SolarJuice, SPI Solar, and Phoenix Motor. SolarJuice excels in solar wholesale distribution in Australia, residential solar and roofing installations, and solar module manufacturing under the Solar4America brand. This division has a robust presence in the Asia Pacific and North America markets. SPI Solar and Orange Power manage commercial and utility solar projects, offering a full range of EPC services to third-party project developers. Phoenix Motor focuses on medium-duty commercial electric vehicles and is actively developing EV charger solutions, electric pickup trucks, electric forklifts, and other EV products.
The company has made significant strides in the solar module manufacturing sector. Its Solar4America division, based in Sacramento, California, has become a leading domestic producer of solar modules, producing 410W modules for residential markets and 550W modules for commercial and industrial markets. The division is expanding with a new manufacturing facility in Sumter, South Carolina, anticipated to enhance production capacity to 2.4GW by 2024.
Recently, SPI Energy announced the sale of 12 million shares of its subsidiary, Phoenix Motor Inc., reducing its ownership stake to 25.83%. This strategic divestment aims to improve the company's financial performance by eliminating the net losses of Phoenix Motor from SPI's financial statements. Additionally, SPI issued a $2.2 million 5% Convertible Promissory Note to Palo Alto Clean Tech Holding Limited, demonstrating confidence in its future market value and strengthening its financial foundation.
SPI Energy continues to explore investment opportunities in fast-growing green energy sectors such as battery storage, charging stations, and other EV technologies. The company's commitment to innovation and strategic growth positions it well in the competitive renewable energy landscape.
For the latest information, investors and stakeholders are encouraged to refer to the company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or www.sec.gov.
SPI Energy (NASDAQ:SPI) has received a delisting notice from Nasdaq due to two major compliance issues. First, the company failed to maintain the minimum bid price requirement under Rule 5550(a)(2). Second, it failed to file its Form 10-K for December 2023 and Forms 10-Q for March and June 2024 periods by the October 14, 2024 deadline.
The company has submitted a hearing request before the Nasdaq Hearings Panel, which typically occurs 30-45 days after the request. While the delisting notice has no immediate effect on SPI's listing status, the company must address these compliance issues and follow the Panel hearing procedures to maintain its listing.
SPI Energy's subsidiary, Solar4America (S4A), is set to launch a new line of solar modules featuring Origami Solar's U.S.-based steel frames. This innovative approach significantly reduces the production-related carbon footprint by over 90%, equivalent to a reduction of 80 kilograms per module or 200 metric tons per megawatt. The new modules will range from 550 to 580 Watts and will add 5.3 to 7.0% to domestic content ITC bonus qualification.
This collaboration aims to overcome global supply chain challenges, reduce reliance on imported aluminum, and support domestic job creation. The steel frames, made from recycled materials, offer improved durability and better protection for glass and cells during installation and extreme weather events.
SPI Energy Co., (NASDAQ:SPI) has received a non-compliance notice from Nasdaq due to its failure to timely file the Q2 2024 Form 10-Q. This follows previous notices for late filings of the 2023 Annual Report and Q1 2024 Form 10-Q. Nasdaq has granted SPI Energy an extension until October 14, 2024, to regain compliance by filing all delinquent reports. The company must submit an updated compliance plan by September 4, 2024. While the non-compliance has no immediate effect on SPI's listing, failure to meet the deadline could result in delisting. SPI Energy is working to complete and file the overdue reports as soon as possible.
On May 21, 2024, SPI Energy announced it received a non-compliance notice from Nasdaq due to its failure to file its Q1 2024 10-Q report on time. Previously on April 19, 2024, Nasdaq had notified SPI about a similar issue regarding its FY 2023 10-K report. SPI has until June 18, 2024, to submit a compliance plan, which, if accepted, extends their deadline to October 14, 2024. Failure to comply could result in delisting. The company assures investors it's working diligently to meet these requirements.
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